Damn Mike, you had to go there!

The president has over 25 years of REI experience and an outstanding track record, excellent FICO, etc.

real estate, i thought this was a big reunion forum damn

As more and more home owners find themselves in negative equity territory banks have every motivation to negotiate.I also think that a large percentage of the home owner population would rather avoid foreclosure even if that means hanging on to a home that is worth less than the outstanding mortgage for some time.So if somebody is willing to pay a mortgage for a place with negative equity the bank has every incentive to keep that person in the house.

Several of the are here in Tucson which I hope to one day wake up and say damn, I'm rich!

Not to be rude, buy imo if your really making $720,000-1,080,000 a year doing flips your a damn good flipper and should focus on flips for the time being, who knows when those spreads will no longer be avilable, and if your making a million a year on flip and invest a good portion of that into rentals you should be there in no time, but a million is a ton for even a very experienced investor, so your doing something right.. just keep doing it!

Or better yet find someone who has any personal experience with the COB Sale, or anyone who may be interested in a joint venture.As I understand it these properties will be sold free of any outstanding liens, for the greater of 20% or $500 down and the balance due approximately 6 weeks later.I have completed some research/due diligence on the properties that are in the neighborhoods that I am most familiar with and there looks to be some nice ones still on the list (owners have until the last week in Sept. to petition the City to remove their property from the list).Things that I have completed in researching the properties have been:•Current owner(s)•Property class•Tax Value•Last sale price & date•Drive-by/visual inspectionIs there anything else that I should consider trying to determine before the sale?

Damn

Damn, I wish I took some pictures.

Day 70 - Offer #3 falls through.Day 70 - Buying agent from Offer #3 finds another buyer, we get a contract at same price.Day 71 - Open titleDay 73 - Title company calls me, and tells me there is 2 outstanding liens on the property totalling more than the accepted contract price.